Nayax Announces Preliminary Results of Notes and Warrants Offering in Israel to Classified Investors
Nayax (NYAX) has completed a tender offer of Notes and Warrants to classified investors in Israel. The company plans to accept undertakings to purchase 486,291 units at NIS 1,021 per unit, generating gross proceeds of approximately $137.5 million.
Each unit consists of NIS 1,000 principal amount of Notes and three Warrants. The Notes are non-linked with a 5.9% fixed annual interest rate, maturing on September 30, 2030. The Warrants are exercisable into ordinary shares at NIS 177.80 (37% premium over March 6, 2025 closing price) until March 31, 2027.
The company will use proceeds for general corporate purposes, including debt repayment and potential acquisitions. Key covenants include maintaining minimum equity of $80 million and an Equity/Assets ratio of at least 21%. Dividend distributions require minimum equity of $120 million and a 29% Equity/Assets ratio.
Nayax (NYAX) ha completato un'offerta di acquisto di Note e Warrants per investitori qualificati in Israele. L'azienda prevede di accettare impegni per l'acquisto di 486.291 unità a NIS 1.021 per unità, generando proventi lordi di circa 137,5 milioni di dollari.
Ogni unità consiste in un importo principale di NIS 1.000 in Note e tre Warrants. Le Note non sono collegate e offrono un tasso d'interesse fisso annuale del 5,9%, con scadenza il 30 settembre 2030. I Warrants sono esercitabili in azioni ordinarie a NIS 177,80 (premio del 37% rispetto al prezzo di chiusura del 6 marzo 2025) fino al 31 marzo 2027.
L'azienda utilizzerà i proventi per scopi aziendali generali, inclusi il rimborso del debito e potenziali acquisizioni. Tra i principali impegni c'è il mantenimento di un capitale minimo di 80 milioni di dollari e un rapporto Patrimonio/Attivi di almeno il 21%. Le distribuzioni di dividendi richiedono un capitale minimo di 120 milioni di dollari e un rapporto Patrimonio/Attivi del 29%.
Nayax (NYAX) ha completado una oferta de compra de Notas y Warrants para inversores clasificados en Israel. La empresa planea aceptar compromisos para la compra de 486,291 unidades a NIS 1,021 por unidad, generando ingresos brutos de aproximadamente 137.5 millones de dólares.
Cada unidad consiste en un monto principal de NIS 1,000 en Notas y tres Warrants. Las Notas no están vinculadas y ofrecen una tasa de interés fija anual del 5.9%, con vencimiento el 30 de septiembre de 2030. Los Warrants son ejercitables en acciones ordinarias a NIS 177.80 (una prima del 37% sobre el precio de cierre del 6 de marzo de 2025) hasta el 31 de marzo de 2027.
La empresa utilizará los ingresos para fines corporativos generales, incluyendo el pago de deudas y posibles adquisiciones. Los principales convenios incluyen mantener un capital mínimo de 80 millones de dólares y una relación Patrimonio/Activos de al menos el 21%. Las distribuciones de dividendos requieren un capital mínimo de 120 millones de dólares y una relación Patrimonio/Activos del 29%.
Nayax (NYAX)는 이스라엘의 자격 있는 투자자들을 위한 채권 및 워런트 입찰을 완료했습니다. 이 회사는 NIS 1,021에 486,291개 단위를 구매하겠다는 약정을 수락할 계획이며, 이는 약 1억 3천7백50만 달러의 총 수익을 창출할 것입니다.
각 단위는 NIS 1,000의 원금 채권과 세 개의 워런트로 구성됩니다. 채권은 비연계형이며 연 5.9%의 고정 이자율을 제공하며, 2030년 9월 30일에 만료됩니다. 워런트는 2025년 3월 6일 종가 대비 37%의 프리미엄인 NIS 177.80에 보통주로 행사할 수 있으며, 2027년 3월 31일까지 행사 가능합니다.
회사는 일반 기업 목적으로 수익을 사용할 예정이며, 여기에는 부채 상환 및 잠재적 인수합병이 포함됩니다. 주요 약정에는 최소 8천만 달러의 자본 유지와 최소 21%의 자본/자산 비율 유지가 포함됩니다. 배당금 분배는 최소 1억 2천만 달러의 자본과 29%의 자본/자산 비율을 요구합니다.
Nayax (NYAX) a complété une offre d'achat d'Obligations et de Warrants pour des investisseurs qualifiés en Israël. La société prévoit d'accepter des engagements pour l'achat de 486 291 unités à NIS 1 021 par unité, générant des produits bruts d'environ 137,5 millions de dollars.
Chaque unité se compose d'un montant principal de NIS 1 000 d'Obligations et de trois Warrants. Les Obligations ne sont pas liées et offrent un taux d'intérêt fixe annuel de 5,9%, échéant le 30 septembre 2030. Les Warrants sont exerçables en actions ordinaires à NIS 177,80 (une prime de 37 % par rapport au prix de clôture du 6 mars 2025) jusqu'au 31 mars 2027.
La société utilisera les produits pour des fins d'entreprise générales, y compris le remboursement de la dette et des acquisitions potentielles. Les principaux engagements incluent le maintien d'un capital minimum de 80 millions de dollars et un ratio Capitaux Propres/Actifs d'au moins 21 %. Les distributions de dividendes nécessitent un capital minimum de 120 millions de dollars et un ratio de 29 % des Capitaux Propres/Actifs.
Nayax (NYAX) hat ein Übernahmeangebot für Anleihen und Warrants an qualifizierte Investoren in Israel abgeschlossen. Das Unternehmen plant, Verpflichtungen zum Kauf von 486.291 Einheiten zu NIS 1.021 pro Einheit anzunehmen, was Bruttoeinnahmen von etwa 137,5 Millionen US-Dollar generiert.
Jede Einheit besteht aus einem Hauptbetrag von NIS 1.000 in Anleihen und drei Warrants. Die Anleihen sind nicht gekoppelt und bieten einen festen jährlichen Zinssatz von 5,9%, der am 30. September 2030 fällig wird. Die Warrants sind bis zum 31. März 2027 in Stammaktien zu NIS 177,80 (37% Aufschlag auf den Schlusskurs vom 6. März 2025) wandelbar.
Das Unternehmen wird die Einnahmen für allgemeine Unternehmenszwecke verwenden, einschließlich der Rückzahlung von Schulden und potenziellen Übernahmen. Zu den wichtigsten Verpflichtungen gehört die Aufrechterhaltung eines Mindestkapitals von 80 Millionen US-Dollar und einem Verhältnis von Eigenkapital zu Vermögenswerten von mindestens 21%. Für die Ausschüttung von Dividenden ist ein Mindestkapital von 120 Millionen US-Dollar und ein Verhältnis von 29% erforderlich.
- Successful fundraising of $137.5M strengthens financial position
- Structured repayment schedule with majority due 2029-2030
- Warrants priced at 37% premium to market price
- Additional debt burden with 5.9% interest rate
- Restrictive covenants limiting financial flexibility
- Potential dilution from warrant conversion
Insights
Nayax's successful debt offering represents a significant capital raise of approximately
The warrant component is particularly noteworthy, priced at a
The financial covenants attached to this offering provide important guardrails - Nayax must maintain equity above
HERZLIYA, Israel, March 07, 2025 (GLOBE NEWSWIRE) -- Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX) (the "Company") announced today, further to its announcement of February 13, 2025, that the Company completed in Israel a tender to classified investors as defined under the Israeli Securities Law, 1968 (“Classified Investors”) of Notes and Warrants (the “Notes” and the "Warrants", respectively and together, the “Securities”).
General
The Securities were offered to Classified Investors in units, with each unit consisting of NIS 1,000 principal amount of Notes and three Warrants (the “Unit”). Classified Investors submitted undertakings to purchase 942,452 Units in an aggregate amount of NIS 959,625,431. The Company intends to accept undertakings from Classified Investors to purchase 486,291 Units, at a price of NIS 1,021 per Unit, for an aggregate gross proceeds of NIS 496,503,111 (approximately
Use of Proceeds
The net proceeds from the Offering, after deduction of commissions, fees and expenses, will be approximately NIS 486.3 million (approximately
Terms of the Notes
The Notes are non-linked, bear a fixed annual interest rate of
Terms of the Warrants
Each Warrant is exercisable to one Ordinary Share of the Company, at an exercise price of NIS 177.80, approximately
Covenants, Restrictions on Distributions, and Events of Default
In connection with the Offering, the Company undertook, for as long as the Notes are outstanding, to maintain the following ratios (the "Ratios"):
- The Company's Equity (as such term is defined in the related indenture (the "Indenture") shall be at least
$80 million ; and - The ratio between the Company's Equity and the Company's Assets (excluding cash, cash equivalents, short term bank deposits, restricted cash transferable to customers for processing activity and receivables in respect of processing activity), shall be at least
21% (the "Equity / Assets Ratio").
In addition, the Company will agree that it may not make any distribution of dividends or shares buy-backs unless (a) the Company's Equity (excluding the distributed amount) shall be at least
The Indenture contains standard events of default, and not complying with the Ratios shall be deemed an event of default.
Disclaimers
The completion of the Offering, which is expected on or about March 10, 2025, is subject to regulatory approvals and standard conditions, and there is no certainty that the Offering will be completed or the timing thereof.
Any Securities offered in the Offering will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation “S” promulgated under the Securities Act) without registration under the Securities Act or an exemption from the registration requirements of the Securities Act. Any offering of securities pursuant to the Company’s shelf prospectus dated August 24, 2023, and any shelf offering report, if made, will be made only in Israel. This announcement does not constitute a solicitation or an offer to buy any securities.
Forward-Looking Statements
This report on Form 6-K contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this report on Form 6-K can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations and the anticipated completion of the offering and the terms thereof. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment; general economic, political, demographic and business conditions in Israel, including the ongoing war in Israel that began on October 7, 2023 and global perspectives regarding that conflict; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 4, 2025 (our "Annual Report"). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
About Nayax
Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers' growth across multiple channels. As of December 31, 2024, Nayax has 11 global offices, approximately 1,100 employees, connections to more than 80 merchant acquirers and payment method integrations and globally recognized as a payment facilitator. Nayax's mission is to improve our customers' revenue potential and operational efficiency. For more information, please visit www.nayax.com
Public Relations Contact:
Scott Gamm
Strategy Voice Associates
scott@strategyvoiceassociates.com
Investor Relations Contact:
Aaron Greenberg, CSO
aarong@nayax.com
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